All appeals are dismissed.

Costs of appeal shall be borne by each party.

The grounds of appeal are examined.

1. As to the ground of appeal No. 1 by Defendant Busan Asset Management Co., Ltd. (hereinafter “Defendant Busan Asset Management”), under Articles 4(2) and 56(1) and (4) of the former Indirect Investment Asset Management Business Act (repealed by Article 2 of the Addenda of the Financial Investment Services and Capital Markets Act enacted by Act No. 8635 of Aug. 3, 2007; hereinafter “former Indirect Investment Act”), the asset management company is in a position to create an investment trust and manage the investment trust property, who is in a position to produce and distribute information about the investment trust first, and investors are able to believe that the investment information provided by the asset management company by reliance on the professional knowledge and experience of the asset management company is correct and make a judgment on investment.

Therefore, an asset management company shall not only trust information on the operating assets provided by a third party related to the assets subject to the management of the investment trust property and provide such information to the selling company or investors as it is, and then reasonably investigate matters concerning the profit structure and risk factors of the investment trust including the authenticity of such information, and provide the selling company and investors with correct information. If information on the profit structure and risk factors of the investment trust is unclear or insufficient even after the reasonable investigation is conducted, the asset management company bears the duty to protect investors to clearly inform the selling company or investors of such circumstances.

(2) According to the reasoning of the lower judgment on November 12, 2015 (see, e.g., Supreme Court Decision 2014Da15996, Nov. 12, 2015). (2), Defendantsan Asset Management participated in an asset management company upon the request of Defendant A Co., Ltd. (hereinafter “Defendant A”); Defendant Mountain Asset Management is written as a time charter company in the instant time charter contract, upon examining the copy of the instant time charter contract from Defendant A before the creation of the instant fund.